The boards of Linde and Praxair have voted in favor of a merger that will create an industrial gases giant worth around $70 billion, overtaking main rival Air Liquide. The deal, which will be carried out on the basis of an all-stock merger of equals, still has to be approved by a majority of Praxair’s shareholders. Linde’s shareholders will not vote but 75% must tender their shares to the new company for the merger to go through.

Linde’s supervisory board voted by six to five in favour of the merger with one labor representative abstaining, sources familiar with the matter told Reuters news agency. Labor delegates had threatened to scupper the deal but in the end were divided by German job guarantees conditional on the merger, Reuters said. Wolfgang Reitzle, Linde’s chairman, did not have to use his casting vote to ensure the deal went through, having said last month he would do so if necessary.

Describing the merger as a “compelling and transformative opportunity to create a world-class industry leader” Praxair’s chairman and CEO, Steven Angel, said: “The combined company will give us the opportunity to leverage the individual strengths of both companies across a much larger global footprint and enhance our ability to drive innovation and growth.”

“This merger is a once-in-a-lifetime opportunity to form a great global industrial gas company poised to deliver value for customers, employees and shareholders alike. The new company is well positioned in all key markets and regions and can build on its exceptional R&D expertise,” added Aldo Belloni, Linde’s CEO.

The holding company will keep the Linde name and be incorporated in Ireland, although most governance activities, including board meetings, will take place in the UK. Corporate functions are to be split between Danbury, Connecticut, USA, and Munich, Germany, and the new Linde will be listed on both the New York and Frankfurt stock exchanges. The combined group expects to realize annual synergies of $1.2 billion within three years.

The transaction is expected to close in the second half of 2018, subject to the usual closing conditions, including regulatory approvals. The company will need to get clearance from 25 anti-trust authorities worldwide, including the European Commission and the US Federal Trade Commission.